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Tesla Inc. (NASDAQ:TSLA) battery supplier Contemporary Amperex Technologies Co. Ltd., plans to raise over $4 billion through a stock listing on Hong Kong's stock exchange.
What Happened: The Chinese battery giant will aim to raise the figure by selling over 117.9 million shares priced at HK$263 ($33.75) on the Hong Kong stock exchange, Reuters reported on Monday.
The report also suggests that the deal could be raised to $5.3 billion if an offer size adjustment and a Greenshoe option are implemented, which essentially allows the underwriters to sell more shares if there is sufficient demand.
This is the biggest listing on the planet so far this year, the report said and the final price for the listing could be announced on or before May 19. The company says it will use the money raised to develop its Hungary manufacturing facility.
Why It Matters: News of the listing comes in as CATL was previously eyeing a listing in Hong Kong worth over $5 billion amid growing U.S.-China trade tensions.
The China-based EV battery manufacturer had also recently taken the wraps off its new battery, which offers over 323 miles of range on a 5-minute charge.
CATL's clients include companies like Tesla Inc. (NASDAQ:TSLA), Ford Motor Co. (NYSE:F), as well as Volkswagen AG (OTCPK: VLKAF).
Elsewhere, the Chinese EV industry is making headway into other markets throughout the world, with BYD Co.Ltd (OTC:BYDDF) having laid out plans to construct a factory in Hungary to aid its European strategy. The factory could help BYD produce over 200,000 vehicles annually.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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